As a homeowner, you want to do what’s best for your family. That often means investing in gear and gadgets that can keep the people and places you love safe. But did you know that your smart technology may help reduce (or inflate) your insurance premiums?
There are countless types of technology that can keep your home and family safe. Security systems with motion detectors and sirens to deter criminal activity, smoke and carbon monoxide detectors that offer an early warning, smart water sensors that monitor for moisture, motion-detected lighting… The list goes on and on.
Security systems are available with remote monitoring that allows for quick intervention in case of an emergency. Further, products, such as automated locks and video doorbells, enhance security by showing potential criminals that you are a proactive homeowner. Smoke, carbon monoxide, and water sensor products can alert you immediately if there is smoke, air toxicity, or an issue with waterflow/moisture. These allow you to get ahead of any issues that might cause damage to your home or put your family in danger.
Smart technology can help lower your insurance cost by showing your coverage provider that you’re serious about staying ahead of threat. But there are concerns to be aware of. This includes potentially high replacement costs of some smart home systems. You may also face increased cybersecurity risks as your home becomes more and more connected to the digital world. And if you have a complex smart home system, you’ll need to maintain it regularly to prevent malfunctions.
Smart technology may offer some cost savings and can help keep your home and family safe. However, it introduces new liabilities and complexities that could impact your insurance. The key: balance. Make a point to choose reputable and secure devices and brands and maintain and update your systems regularly. Importantly, you also need to communicate with your insurance provider about your smart home setup and get to know your policy and how these devices may affect your coverage.
Taking proactive precautions with your home by implementing smart technology may offer savings and safety. But make sure the devices you put into place are properly vetted or you could pay the price.
Contact Cross Private Client Insurance today for more information about how smart technology can work hand-in-hand with your luxury home insurance to help protect the things you’ve worked so hard to maintain.
_____________________________________________________________
This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.